What drove Lucky Block (LBLOCK) crypto rally today?

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What drove Lucky Block (LBLOCK) crypto rally today?

What drove Lucky Block (LBLOCK) crypto rally today?
Image source: © Luxiferbowlo | Megapixl.com

Highlights

  • Lucky Block (LBLOCK) is a crypto lottery platform launched in January 2022.
  • It claims to provide transparent, easy wins for players worldwide. 
  • However, the lottery platform could face regulatory challenges ahead.

The Lucky Block (LBLOCK) crypto was trending ahead of its Ask Me Anything (AMA) and first Lucky Block Jackpot draw scheduled at 11:00 am ET on May 20.

Lucky Block product head Terence Ribaudo shared updates, including the launch of its Web app on May 30 and the first jackpot and NFT draw on May 31.

The Web app demo was scheduled for next week. Lucky Block is offering NFT holders a chance to win 2% of the jackpot rewards to be automatically transferred to the user’s wallets. 

Following the updates, the LBLOCK token surged 68.49% to US$0.002796 at 10:26 am ET on Friday. 

What is Lucky Block (LBLOCK)?

Lucky Block is a crypto-lottery platform launched in January 2022. It aims to revolutionize the traditional lottery system by offering transparency and more winning chances to players. 

According to its website, Lucky Block, a Binance Smart Chain-based cryptocurrency, is the fastest crypto firm to reach the ‘Unicorn’ status or US$1 billion in market capitalization.

 Also Read: Global cryptocurrency regulatory body on the anvil, says top official

The Lucky Block blockchain aims to attract lottery players worldwide. It claims to provide every lottery player with a winning chance in the draw besides offering investment strategies to token holders. It plans to conduct the lottery draws daily to reduce costs and time.

Also Read: Why Beefy Finance (BIFI) crypto volume surged 3000%?

Although the blockchain-based lottery platforms are gaining popularity, they could face regulatory hurdles in the future like other gambling avenues. 

Its whitepaper stresses that its access could be blocked for prospective US buyers and ticket holders if the token is considered a security by the US Securities and Exchange Commission (SEC). Although Lucky Block is headquartered in the UK, it is accessible worldwide. 

Also Read: Crypto exchange FTX set to launch commission-free stock trading service

What drove Lucky Block (LBLOCK) crypto’s surge today?Data Source: coinmarketcap.com

Also Read: Why gaming crypto platform MOBOX (MBOX) volume soared 124%?

LBLOCK Token:

LBLOCK token has a self-reported circulating supply of 37.23 billion and a total supply of 100 billion. It is available for purchase on the PancakeSwap (V2) crypto exchange. The token has a market cap of US$104.87 million. Its 24-hour trading volume rose 184.78% to US$1.93 million.

Also Read: Why is Tron (TRX) crypto rising amid a market crash?

Bottom line:

The crypto market was down 3.17% to US$1.24 trillion at 12:08 pm ET. All top 10 cryptocurrencies were trading in the red. Bitcoin (BTC) fell 4.47% to US$29,021.21 and Ethereum (ETH) declined 3.80% to US$1,945.86. 

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